The Maritime Savings Bank in West Allis, Wisc., was closed Friday by the FDIC. North Shore Bank, FSB, of Brookfield, Wisc., will take over all branches in accordance with a purchase and assumption agreement between North Shore Bank and the FDIC.
Maritime was the 125th bank to fail in 2010, and the sixth bank to be shuttered on Friday. As of June 30, the bank had approximately $350.5 million in assets, and $248.1 million in deposits. North Shore Bank has, in addition to assuming all of Maritime’s deposits, agreed to purchase approximately $177.6 million in assets.
Customers were instructed to continue to use their branches as usual, with depositors over the weekend able to access assets through ATM or debit cards or by writing checks; loan customers were instructed to make payments as usual. Those wishing more information were advised to go to the FDIC’s website.
The FDIC estimated that the cost of Maritime’s failure to the Deposit Insurance Fund (DIF) will be $83.6 million. North Shore Bank’s acquisition of Maritime was deemed the least expensive resolution of the problem when compared with other alternatives.
A list of bank failures from 2008-2010 can be found at thestreet.com. Currently the failure rate for 2010 averages 14 banks per month.